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WHITE SULPHUR SPRINGS, West Virginia
(May 7, 2009) -- West Virginia businessman Jim Justice today announced
that his company has purchased The Greenbrier resort and 80 percent of The
Greenbrier Sporting Club. The purchase by the Justice Family Group, LLC
was made through the acquisition of the stock of The Greenbriers holding
company.
I am very excited to become part of one of Americas finest traditions,
said Justice. The Greenbrier is uniquely West Virginian, and I look
forward to working with the team to build on its legacy. Mr. Justice also
plans to seek dismissal of the bankruptcy of The Greenbrier.
Our near-term goal is to give The Greenbrier a fresh start, said Justice.
Even though the current economy is taking its toll on the resort, we are
going to take a long-term view by focusing on reclaiming our five-star
status and making the right investments for future growth.
Michael Ward, chairman, president and chief executive officer of CSX,
commented, While this is an entirely different kind of transaction than
expected, this is a great result for The Greenbrier, its employees, the
community, and CSX. Mr. Justice has made his passion and enthusiasm for
The Greenbrier very clear.
The Greenbrier, residing on 6,500-acres of lush landscape in West
Virginia's Allegheny Mountains, is an award-winning resort which has been
offering a welcoming home to its guests since 1778. The Greenbrier
Sporting Club is an upscale private residential development located at the
resort.
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